Your Property Value in Brownstone Brooklyn

You would think after kicking the party off with news of Brownstone Brooklyn property values declining a third straight year, the deejay might scratch the record and have the party come to a screeching halt.

On the contrary, everybody kept the electric slide going after learning the recent decline in Brownstone Brooklyn was the smallest in the last 3 years.

Maybe those partying know something about where they live that brokerage sales reports and real estate forecasts can’t measure.

Could be those who have skin in the game understand what factors influence their home’s value.

And knowing this can explain why two seemingly similar properties have widely different values because of where each are located.

Who really creates value

While brokers and agents would have you believe their residential sales and leasing services can raise home values for property owners in Brownstone Brooklyn and throughout New York City, I can tell you first hand it’s not true.

Just as wall street brokers can’t legally increase the value of a stock or bond of a publicly traded company by virtue of their involvement in the transaction, the same holds true for licensed real estate agents.

We’re licensed to realize the value created for a specific location through a market transaction on a homeowner’s behalf.

Pay no attention to the postcards and letters you receive from brokers who tell you otherwise.

It’s a strong indication that they don’t know what they’re doing or they’re outright lying.

Since becoming a homeowner nearly 14 years ago, I’ve known long before becoming an agent how home values increase and decrease over time.

More importantly, I’ve learned WHO is behind its rise and fall.

It just so happens to be…

• You
• your Neighbors
• Public School Education
• Local Businesses, and
• your elected Representatives

My wife and I got schooled by Ms Betty the moment we moved on the block where we bought our home.

She made sure we understood the three parts that make up the framework for property value and what our responsibilities were as homeowners.

Of course that conversation didn’t occur with quite the technical jargon I just used.  Ms Betty was plain spoken and preferred to be straight forward.

But it was from that conversation that I gleaned the following, which I put into the outline below to make it as easy as did that morning she called us over for her lecture while sweeping her stoop and sidewalk.

1. the Neighborhood

The first and most important part of the property value framework is the neighborhood.  Your neighborhood has an image it reflects to the home buying and apartment leasing public who don’t already live there.  The image cast is a reflection of the

• academic standards, promotion and graduation rates at schools found there
• crime prevention against person and property
• availability of shops, dining and attractions near you
• access to municipal and emergency services
• well cared for parks that offer recreational options
• the existence of local civic and community organizations

All of the above creates the quality of life found in a neighborhood.  Let one or more of these 6 factors lack or fail to live up to a standard and property values will begin to decline.

The only sure-fire way to safeguard against a decline in quality of life is to … GET INVOLVED!

2. the Block

The second most important part in the property value framework is the block where your home is located.  Your block will evidence what kind of community exists there and reveal the best quality of life achieved by its residents.

City blocks in brownstone Brooklyn whose properties are

• uniform in appearance
• with stoops, front yards and sidewalks clean and well maintained
• where garbage is discarded orderly and loitering rarely occurs

reveals the existence of a block or civic association (informal or organized) whose members/neighbors care about where they live.

Unlike other efforts taken by a homeowner that involves money to increase their property’s value, all of the items mentioned involve no out-of-pocket cost.

The only real cost to you is reimbursing your neighbors who paid it forward.  Your neighbors made your block what it is today and I bet its one of the reasons why you bought your home in the first place.

The proper way to make your neighbors whole is to … GET INVOLVED!

3. the House

The final part of the framework is your house (and often the most misunderstood one).

Too many homeowners believe their property’s value comes from what they’ve done to make it beautiful, functional and habitable.

That may satisfy their aesthetic impulse but impossible to calculate when comparing to similar properties.

It’s only when you’ve visited your neighbors homes on your block and around the neighborhood that you’ll know if you’re adding value or wasting money.

And the best way to get invited to your neighbors homes is to … GET INVOLVED!

How are you getting involved?

Let us know in the comments how you’re getting involved in your community to raise your property value in Brooklyn and I’ll share how I’ve been involved the last 14 years.

And share this post with your friends and neighbors about the property value framework on Faecbook, Twitter and Google+ so they can begin to play an informed role in raising the value of their home.

photo credit